A group of US lawmakers wants to see cryptocurrency holdings declared at the nation's border – and advocates of the tech are pushing back.
Introduced last month, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 – which is actually the third iteration of a bill that debuted in 2011 – would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.
Yet, the provision that has attracted the particular ire of cryptocurrency advocates – especially those who prefer a regulation-light environment – is one that would make such holdings subject to disclosure requirements at US customs checkpoints. This means if a person trying to enter the country has more than $10,000 worth of bitcoin in their possession, under the proposed legal change, they would need to inform the relevant authorities.
Read more here: http://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/
@steemcleaners
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My question is: When you declare something of worth more than $10,000, let's say at the border, what then? Does the government do anything with that information? It's none of their business how much money I have, much less how much BTC I have in my digital wallet.... But I always wondered because traveling out of the country you always see those signs about the whole $10,000 thing which really means we aren't free like we thought we were. But yeah, what do they do with that info? They can't seize your property just because you declare something, can they?
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